The higher expert announces that it is the best encryption for purchase now
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Ethereum price has exceeded $ 2,400 for the first time since March of this year, which represents a major recovery The second largest encrypted currency According to the market value.
This increase represents a remarkable increase by 50 % during the past month, especially the Bitcoin (BTC) increased by 19 % during the same period. As a result, market experts are increasingly viewing Ethereum as the first cryptocurrency.
Ethereum price capabilities rise
It is worth noting that Virtualbacon, a character in the encryption analysis community, recently confirmed, “ETAREUM is the best purchase of purchase now.” He stressed that although the price of Ethereum may have not increased significantly like some other encrypted currencies, his strengths are still sound.
In a conversation Social media yet On X (formerly Twitter), Virtualbacon highlighted the updated schedule and its goals of ETHEREUM price, noting that the cryptocurrency is trading near $ 2,500, a large recovery of its lowest level in 2022 that was reached during the market selling in April.
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According to the analyst, the main indicator of ETHEREUM capabilities is the ETH/BTC trading pair, which has recently recovered from several years Support levels. Historically, such bounces often indicate the appearance of Altcoin cycles, corresponding to the transformations in global liquidity.
Virtualbacon emphasizes that if the ETHEREUM price can recover the level of alternative to 0.382 Vibonacci against Bitcoin, it may witness a large profit of about 60 %. The additional decline to the level of 0.5 would pay its value beyond 0.05 BTC, which enhances the upscale feelings surrounding Ethereum.
Currently, the ETHEREUM price is merged around these critical levels, which are seen as a strong accumulation scale before the macroeconomic conditions are transformed.
Virtualbacon Projects $ 10,000 for ETH
The analyst also argued that although Solana (SOL) is faster in terms of transaction speeds, Ethereum is still the backbone of most Real world applications (RWAS) and Stablecoins. It is also the only Altcoin recognized as a legitimate commodity, and the acquisition of confidence from institutional investors.
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Looking at the future, the future performance of Ethereum is closely related to the Federal Reserve’s monetary policy decisions (Fed). With the slowdown of quantitative tightening (QT) to $ 5 billion per month – the lowest rate in modern history – the analyst expects to stop temporarily in QT by the third or fourth quarter of this year.
Virtualbacon expects that this temporary suspension can lead to the bottom of Eth/btc A pair, paves the way for a large bullish movement for Ethereum price.
Virtualbacon maintains a thunderbolt of ETHEREUM, indicating that if Bitcoin reaches $ 200,000, ETH may reach a goal of $ 10,000. If Bitcoin rises to $ 250,000, the ETHEREUM price may rise to $ 12,000.
When writing, ETH is trading at $ 2440, by 8 % in the past seven days.
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